Source: WTO.Share of Asia in the Value of World Trade, 1980-2012Trade reflects well the commercial geography. Since the
1980s, the contribution of Asia to global trade has increased
substantially, notably for its exports. From about 16% of the
value of global exports in 1980, this share climbed to about 33%
in 2012. This
trend can partially be explained by substantial investments that went
into new export-oriented manufacturing facilities using the advantages
of low production costs, notably in terms of labor. The gap between
exports and imports have also substantially increased after 1997 when
currency devaluations made the region more competitive. Yet, as development
takes place, Asian economies are consuming increasing amounts of resources
and finished goods. From 2008, the gap between the value of exports
and imports has substantially narrowed.